Originally cited in the eponymous Key and Peele sketch, it means "to handle with efficiency and skill more than equal to a given challenge creating a much improved situation esp. while causing discomfort and humiliation to individuals obstructing such improvements".

The likely etymology being that waxing a pussy (singular) would merely require wax (and patience). If one were to create a device capable of waxing pussies (multiple) in chained succession, then surely to use such a device on a single pussy would create several effects: 1. the pussy in question would be quickly, effectively and likely painfully waxed (thus improving the situation vis-a-vis 70s bush) 2. Those who might have obstructed such an endeavor would be soundly defeated and publicly humiliated

A:"You take care of that shit?"
B:"Yo, I put that pussy on the chainwax, son!

C:"Motherf@ckers keep trippin' up in this bitch, and I'ma have to put that pussy on the chainwax!"

A nonsensical exclamation popularized by Key and Peele. Its true meaning is unknown even to its creators. Typically shouted/chanted loudly while hanging with bros. Originally the purpose of pussy on the chainwax was to start a "thing". As you can see, they have succeeded.

Winning a fight or competition that is one on one with a weak opponent, who one has been severely beaten by them as if the person who won barley attempted at all. Praising the winner or oneself for their ability to beat an opponent while barley even attempting.